Canada Seeks Stronger Economic Ties with India Through Trade Agreement
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MUMBAI, Sept 19 – Canada is hopeful about finalizing a significant economic partnership, known as the Comprehensive Economic Partnership Agreement (CEPA), with India by the end of this year, according to the Canadian Minister for International Trade, Maninder Sidhu.
During a recent visit to Mumbai, Sidhu expressed optimism about the negotiations, echoing sentiments shared by Canadian Prime Minister Mark Carney during his visit to New Delhi in March. Prime Minister Carney had indicated that both nations are working towards a free trade agreement by the year’s close.
“I am really feeling positive and energized that we can wrap this up in the next few months,” Sidhu said in an interview. He noted that Indian trade negotiators plan to visit Canada next month, and a meeting between officials from both countries is likely to occur during the G-20 summit in December.
A key topic in their discussions will be the energy sector. Canada has been developing liquefied natural gas (LNG) projects, including an export facility led by Shell that was launched last year. Sidhu mentioned ongoing talks with Indian companies about participating in these projects and investing in them, although he kept specific details private.
Beyond LNG, Canada and India are also exploring collaborations in the nuclear energy sector, as India aims to significantly enhance its energy capacity. Sidhu highlighted Canada’s long-standing expertise in this field, suggesting it could benefit both Canadian companies and Indian industries in building a robust supply chain.
He also mentioned that several major Indian corporations, such as Reliance Industries, Mahindra and Mahindra, and the JSW Group, are considering investments in Canada’s critical mineral projects to secure their supply chains amid shifting global dynamics.
“Companies are looking for ways to collaborate on investments, especially as supply chains face new challenges,” Sidhu added.
With these developments, the relationship between Canada and India continues to strengthen, potentially bringing about significant opportunities for both nations.
